Charles Ellicott Commentary Exodus 32:25

"And when Moses saw that the people were broken loose, (for Aaron had let them loose for a derision among their enemies,)" — Exodus 32:25 (ASV)

When Moses saw that the people were naked. Most modern commentators prefer to translate “that the people were licentious,” or “unruly.” But the rendering of the Authorised Version may be defended. In the lewd and excited dancing of idolatrous orgies, garments were frequently cast aside, and the person exposed indecently. Egyptian dancers are represented on the monuments with scarcely any clothing.

Among their enemies. Amalekites may have held many strongholds among the hills, from which they may have been able to see what was going on in the camp.